Tuesday, June 30, 2009

Greece's OTE to buy Romanian mobile company Zapp

ATHENS, June 30 (Reuters) - Greece's largest telecoms company OTE (OTEr.AT) said on Tuesday it signed a deal to buy Zapp, Romania's fourth-biggest mobile operator, to gain market share and a 3G operating license in southeast Europe's largest mobile telephony market.

"The price to acquire Zapp's shares is expected to reach 61 million euros (equity value) while Cosmote will assume debt and other obligations worth about 146 million euros," OTE unit Cosmote said in a statement.

Zapp owns a 3G license in Romania, an asset which OTE's Romanian mobile unit, Cosmote Romania, lacks.

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